IRS Cracks Down on Tax Shelters

NPR | By Jim Zarroli

Published September 28, 2004 at 12:00 AM EDT

IRS investigators are cracking down on wealthy people who put their money into elaborately designed tax shelters. U.S. officials say tax avoidance schemes marketed to wealthy corporations and individuals exploded in the 1990s. NPR's Jim Zarroli reports.

Corrected: October 6, 2004 at 12:00 AM EDT

This report contains the statement that William Seippel is suing the Ernst and Young accounting firm. While Mr. Seipple is suing the bank and law firm that set up the shelter he used, he is not suing Ernst and Young.

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IRS Cracks Down on Tax Shelters

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